I don't dispute what SNM says, but personally, I think the additional expense for the comfort of having a solicitor "in the loop" is well worthwhile. Of course, this is only if your solicitor is a high quality property lawyer; not if they're just the local solicitor who does a bit of everything. We're talking a difference of < 0.1% of the tr…[Read more]

I head north rather than south, and use Active Financial Answers in Maroochydore. Extremely knowledgable about structures and asset protection for property, in particular.

I head north rather than south, and use Active Financial Answers in Maroochydore. Extremely knowledgable about structures and asset protection for property, in particular.

Firstly, can you get a better PM, who is more in-tune with resi property management?Can you get somebody – maybe even a fellow forum member – to go and check the place out and let you know how things are looking?

I think it's very hard to go past Ikea for cost-effective kitchen cabinets (eg Udden range) and bathroom vanities. Check out their range at http://www.ikea.com.au so you can pick what you want before you go.

MB = mortgage brokerAnd welcome to Australia

djac wrote:
What do you mean by I.P. and P.M?

IP = investment propertyPM = property managerGreat source for these and other terms: http://www.somersoft.com/forums/showthread.php?t=9382

djac wrote:
I'd rather take over existing repayement with the original loan remaining with the current owner/investor

I'm suspecting you're from the USA; unfortunately this kind of arrangement isn't possible in Australia. Actually, not in exactly the way that it's done in the USA, but you may be able to buy via a wrap or lease option.

djac wr…[Read more]

Financing is now so complex and varied in this country (thanks to banking industry deregulation!) that I wouldn't talk directly to a bank for anything other than the most straightforward of situations (and I wouldn't do it even then). Unfortunately there are very few knowledgable staff in branches anymore; the branches are really just processing c…[Read more]

They can copyright their CAD file, but they don't own the design. So you don't own their digital CAD file, or any print-outs that they produce from that file, but the original hand-drawn designs still belong to you (or the draftsman, depending on your arrangement with him). Copyright is not a blanket thing that covers every aspect of the document;…[Read more]

Because only students can (practically) live in it, you'll get a lower LVR, only 60 or 70%. For me, that's the main disadvantage.

I'm having trouble making clear the distinction between information, and "the entire application". Let's see if some examples (even if imperfect) give the idea.To check their credit, your agent may need their TFN, DOB, maiden name, etc. The agent uses this info to ring the credit checkers, confirm they have the right person, then get the credit…[Read more]

OK, we could speculate all day (or for several days). i just rang the Office for the Privacy Commissioner, and exactly what I suspected is true, is the case.When a tenant gives you as the landlord (without an agent) an application form, they're choosing to give you that information, and that disclosure is not covered by the Privacy Act.When a…[Read more]

Agree with JL re asking the tenants if they want a/c and heating, and if they can pay more for it.I find that you can make your tenants happy even with gestures that cost nothing. For example, just keeping them informed! If they ask for a repair, and it's going to take more than a day or two, I drop them an email apologising for the inconvenience…[Read more]

Linar wrote:
The solicitor's interpretation of the RTA is bollocks.  The application for tenancy is, by its very nature, an authority for the customer's (tenant)  information to be supplied to the client (you).  You have instructed the PM to be your agent (agent being a person who acts for you), so if they are entitled to look at the in…[Read more]

Offer at least some deposit, even $100. Isn't your deposit your "consideration" for entering into the contract, and without offering any consideration, you can't bind the vendor if they, for example, get a better offer? Not sure – what do the legal eagles say?

Offer at least some deposit, even $100. Isn't your deposit your "consideration" for entering into the contract, and without offering any consideration, you can't bind the vendor if they, for example, get a better offer? Not sure – what do the legal eagles say?

Good morning. Don't be embarrassed – it's difficult to draw the line between making the explanation detailed enough, but not overwhelming you! So when you want more, ask away.The first issue is protecting yourself from litigation, divorce etc – as you say, "asset protection", and is a reason you don't want to be cross-collateralised.If you use…[Read more]

I think your having been sent the applications in the past was unusual. I've had about 20 tenants over about 15 years and about 7 properties, and I've never seen an application. I think that you should be allowed to have any relevant reassurance that you want – eg if they're on a tenancy database, if they've been bankrupt, or if they've ent…[Read more]

Why do you want to see the application itself? I usually have the PM ring me and give me a few salient points eg "They've been employed by Telstra for 3 years and are still employed there, they last rented in Geelong and the PM there says they were great tenants, there'll be 2 adults and 1 dog living in the property, and they want a 6 month…[Read more]